Global Nasal Implant Market Highlights over 2022 – 2031
The global nasal implant market is estimated to garner notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing number of patients with sleep apnea and sinus. It is estimated that there are more than 101 million people are suffering from sleep apnea. Sleep apnea patients are increasing aggressively due to the rise in the number of people with obesity, high blood pressure, diabetes, and hormonal disorders. The continuous skyrocketing number of patients with sleep apnea conditions is estimated to boost the global nasal implant market growth during the forecast period. Moreover, the cases of chronic rhino sinusitis (CRS) are surging worldwide. A report promulgated by World Allergy Organization states that the prevalence of chronic rhino sinusitis is about 8.4% in Korea, 8% in China, 12% in the USA, and 11% in Europe. On account of soaring cases of chronic rhino sinusitis, the global nasal implant market is projected to grow significantly during the forecast period. Apart from this, obese people are more likely to develop disorders such as sleep apnea and chronic rhino sinusitis (CRS), which is the reason the global nasal implant market is anticipated to grow remarkably during the forecast period. A report published by World Obesity Federation predicts that 1 billion people will be living with obesity by 2030. Additionally, the increasing demand for cosmetic procedures is also projected to propel the global nasal implant market growth during the forecast period.
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The market is segmented by end-user into hospitals, ambulatory surgical centers, and clinics. Out of these, the hospital segment is anticipated to hold the largest share in the global nasal implant market during the forecast period on account of the plethora of patients. Hospitals are equipped with proficient doctors and advanced types of machinery, which is the reason the global nasal implant market is estimated to witness promising growth in the hospital sub-segment.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Nasal Implant Market Regional Synopsis
Regionally, the global nasal implant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in North America region is estimated to witness modest growth over the forecast period on the back of the presence of ultra-modern healthcare infrastructure. Furthermore, the data released by the Centers for Disease Control and Prevention states that 28.9 million adults are diagnosed with sinusitis. Additionally, according to a survey report published by the American Academy of Facial Plastic and Reconstructive Surgery, out of 1.4 million surgical and non-surgical aesthetic procedures, rhinoplasty (62 %) is amongst the top performed procedures on women. It also states that rhinoplasty is the most common procedure performed amongst patients under age 34. By the reason of the increasing popularity of rhinoplasty the global nasal implant market is estimated to grow during the forecast period.
Furthermore, the Asia Pacific region is also estimated to offer lucrative opportunities for the growth of the global nasal implant market during the forecast period. The region is highly populous and governments are investing a humongous budget in the healthcare infrastructure. According to the data released by United Nations Population Fund, the Asia and the Pacific region consists of 60% of the world’s population. On the back of this, the global nasal implant market is anticipated to grow during the forecast period.
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The global nasal implant market is further classified on the basis of region as follows:
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North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
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Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
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Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global nasal implant market includes the following segments:
By Material
- Synthetic
- Ceramics
- Autografts
- Xenograft
- Alloplast
- Other
By End-User
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Growth Drivers
- Rising Population with Sleep Apnea
- Surging Number of Patients with Sinus
- Growing Aesthetic Awareness amongst People
Challenges
- Prevalent Fear about Surgical Procedures amongst People
- High Cost of Procedure
Top Featured Companies Dominating the Market
- AbbVie Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Sientra, Inc.
- Stryker Corporation
- Gebruder Martin GmbH & Co. KG
- Johnson & Johnson Services, Inc.
- Implantech Associates, Inc.,
- Zimmer Biomet Holdings, Inc.
- Intersect ENT Inc.
- Eon Meditech Private Limited
- Navdurga Surgical India Private Limite
